As banks consider how to leverage AI for both its banking practice as well as its customers, it would make sense to research how other sectors leverage the technology to improve the lives of its customers.
In order to support greener business strategies, machine learning is at the center of helping companies and organizations become not only more sustainable but also more efficient.
For instance, the Istanbul Metropolitan Municipality is using analytics to solve multiple problems in the city of Istanbul. Istanbul is looking to optimize traffic patterns in a city with more than 16 million, roughly twice the population of New York City, with AI. The new system being used is powered by AI and machine learning running on SAS Viya. It analyzes historical traffic data and incorporates live data feeds from a network of sources, including traffic cameras, sensors, datareaders, mobile applications and payment gateways.
“With SAS AI and analytics, Istanbul’s municipal government can assess traffic conditions in real time, anticipate congestion trouble spots, and intelligently route traffic and guide citizens on their journeys,” said Dr.Naim ErolÖzgüner, CIO of IMM. “This helps reduce congestion, lower pollution levels and improve the quality of life for our citizens.”
The instability in energy markets globally has dramatically increased energy costs across Europe and the world mainly due to the Russian invasion of Ukraine. The situation in Europe has led organizations to look for ways to reduce energy consumption. AI has a great deal of potential in solving important issues surrounding the environment through efficiency.
Banks need to consider how emerging technology can benefit its banking practices, how it will transform its retail customers’ lives, as well as the small businesses they service. It is going to transform the way banking customers live and do business.